Down Payment Options Calculator
Compare monthly payments at different down payment levels, from 0% VA to 20% conventional. Find the right fit for your budget.
$450,000
$100K$2M
6.5%
3%12%
| Option | Down Payment | Loan Amount | P&I | Mtg. Insurance | Total/mo |
|---|---|---|---|---|---|
0% Down VA loans only🎖️ VA | $0 | $450,000 | $2,844 | None | $2,844 |
3% Down Conventional (HomeReady / Home Possible)🏠 Conventional | $13,500 | $436,500 | $2,759 | $309(PMI) | $3,068 |
3.5% Down FHA minimum (580+ credit score)🏛️ FHA | $15,750 | $434,250 | $2,745 | $199(MIP) | $2,944 |
5% Down Conventional, 95% LTV🏠 Conventional | $22,500 | $427,500 | $2,702 | $232(PMI) | $2,934 |
10% Down Conventional, 90% LTV🏠 Conventional | $45,000 | $405,000 | $2,560 | $108(PMI) | $2,668 |
20% Down Eliminate mortgage insurance entirely✅ No MI | $90,000 | $360,000 | $2,275 | None | $2,275 |
Mortgage Insurance Notes:
- VA: No monthly mortgage insurance. Ever. A one-time funding fee applies (typically financed into the loan).
- FHA MIP: 0.55%/yr based on HUD's 2024 reduced rate. Applies for the life of the loan with <10% down.
- Conventional PMI: Rate varies by LTV and credit score. Automatically removed at 78% LTV.
- Estimates assume good credit (720+). Contact Dan for a precise quote.
- Note: The above estimates include principal, interest, and mortgage insurance only. Property taxes and homeowner's insurance are not included in these calculations.
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Down Payment FAQs
Not Sure How Much to Put Down?
Dan can run the exact numbers for your situation. Call (661) 342-9381 or apply online for a free consultation.